EURUSD Bulls Halt Losses at 1.2013, Struggles To Retake Control Amid Europe Recovery Concerns

EURUSD Price Analysis – May 3

Euro remains on the defensive after dips were contained above the 1.2000 level early during Monday European session. The EURUSD holds low at 1.2013 as buyers struggle to retake control of the trend. Concerns about Europe’s recovery, as well as hawkish Fed remarks, may hold the pair under pressure.

Key Levels
Resistance Levels: 1.2190, 1.2150, 1.2100
Support Levels: 1.2000, 1.1950, 1.1900
EURUSD Long term Trend: Ranging
On a daily time frame, the EURUSD looks fragile, and a consolidation beneath 1.2000 could set the stage for more losses. Deviation from levels above 1.2100, which marks the upper limit of a broad range, can pick up speed. The 1.2000 level could be approached if the daily close is below the moving averages of 13.

Following the drop, the EURUSD may encounter relative resistance in the 1.2075 moving average 5 price range, where it had made intraday highs on April 20 before a pullback. If the pair continues to rise above the listed resistance area, it could attempt to flip the April 29 resistance into support and reach year-over-year highs of 1.2243 to 1.2350.
EURUSD Short term Trend: Ranging
Further to the withdrawal from the 1.2150 and 1.2100 regions, EURUSD’s corrective downside could extend to new lows beneath the 1.2000 regions until reaching the 1.1870 level’s contention field. The EURUSD intraday bias remains in a range as the earlier rebound from the 1.1702 level continues even though weak.

On the plus hand, a break of the 1.2100 level could confirm that the consolidation from the 1.1702 level may continue from 1.2050. A further rise is expected to retest the 1.2150 high level. Meanwhile, a break of the 1.2000 support level might move the bias to the downside, extending the range and triggering a new declining period.

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